Don Boudreaux of Cafe Hayek had this very interesting opinion piece in The Pittsburgh Tribune. In it, he discusses some of the shortcomings of the C+I+G+(X-M) model we teach our students in macro.
I don't think we should abandon the model because it provides some important insights regarding growth. But I agree with Boudreaux that it lacks detail that can lead us to miss important trends or jump to the wrong conclusions.
I'd be interested in your observations on the piece. Is it worthwhile to point out the shortcomings as well as the value of the data to the students?